我国银行间债券市场产品创新分析

China's Inter-bank Bond Market Product Innovation Analysis

文章通过对中国和美国债券品种的对比,认为美国债券市场的产品创新主要有两类:一是在期限、利率、利息支付、面值及持有期等债券构成要素上直接创新的产品;二是利用金融工程技术设计出来的债权衍生产品。而我国债券市场由于基础产品不健全、体制不顺及市场分割等原因导致无法进一步进行债券类衍生产品的创新。多层次资本市场的建立需要债券市场更多金融创新支持,而债券市场产品创新演进的过程应该首先是满足市场不断加深的需求,其次是逐步使用现代金融工程技术。文章认为债券市场创新的根本途径有两条:一是大力发展公司债券市场,这是持续进行产品创新的基础;二是发展与股权挂钩的债券创新产品,包括可转化债券、附认股权证的可分离交易债券和可交换债券等。并进一步提出了我国银行间债券市场还应从债券品种、利率、期限等几个方面进行品种创新,进而提高市场交易效率和流动性。

According to the comparison of bonds varieties from China and America, there are two kinds of main innovation in American bond markets： one is the direct innovational element for the product constituted with bonds, like the period, interest rates, interest payments, value and the holding period, another is the derivative products by using financial engineering methods. However, China＇s bond market cannot make further innovations about bond derivatives due to imperfect fundamental product, improper system, market segmentation and other causes. The establishment of a multi-level capital markets needs more financial support for innovation in bond market, and the process of product innovation in bond market should meet the market demand gradually, and then use modem financial engineering technology. Therefore, there are two fundamental ways to develop bond market innovation： one way is to develop the corporate bond marketvigorously, which is the basis for ongoing product innovation; another way is to develop equity-linked bonds innovative products, including convertible bonds, warrants, which can separate trading of bonds and exchangeable bonds. Furthermore, China＇s inter-bank bond market should be developed more financial products from several varieties of bonds, interest rate, term etc. in order to improve market efficiency and liquidity.